News Snapshot:
HSBC Holdings Plc has established a Chinese Communist party committee (CCP) within its securities brokerage unit in the country, Financial Times reported on Thursday, citing two people familiar with the decision. (https://on.ft.com/3RP55dG) The committee would not have any management role such as would exist in a Chinese state-owned enterprise, people close to the bank told the newspaper. HSBC did not immediately respond to a Reuters' request for comment. A CCP committee is required by Chinese companies law but not yet widely enforced among foreign finance groups, according to the report. The committees serve a dual purpose as a workers' union...
